equirectangular rendering for Blender Internal?
First create a sphere and in edit mode select the triangular fans on the poles of the sphere and inset to very small size using I button and delete the triangular fans leaving very small holes on the poles.



Then unwrap the sphere using follow active quads, position and scale the UVs to fit the UV/Image editor window.
Once the sphere is unwrapped add a new texture with video resolution you want (1920x1080)



Then add a material to the sphere, enable Shadeless, Mirror and set Reflectivity to 1



Then scale the sphere to small size and position it where the camera should be and add Subsurf modifier with at least 2 subdivisions to reduce texture distortion.

Once all the steps are finished you can use  the python script to bake the textures for each frame in a sequence.